“It’s true there is some distance to achieving our 2 percent inflation target. But I believe the (economy‘s) momentum towards achieving the target is strengthening,” Masai said in a speech to business leaders in Matsuyama, southwestern Japan.

Under a policy framework adopted in September last year, the BOJ has pledged to guide short-term interest rates to minus 0.1 percent and the 10-year government bond yield around zero percent. (Reporting by Leika Kihara; Editing by Chang-Ran Kim)